Riskified .(RSKD) - 2022 Q1 - Quarterly Report

Financial Performance - Gross Merchandise Volume (GMV) for Q1 2022 reached $22,678 million, representing a 20% year-over-year increase[5] - Revenue for Q1 2022 was $58,845 million, reflecting a 15% year-over-year growth[5] - Revenue for the three months ended March 31, 2022, was $58,845,000, representing a 15.4% increase from $51,083,000 in the same period of 2021[27] - Gross profit for the same period was $30,368,000, up from $28,628,000, indicating a growth of 6.1%[27] - The net loss for the three months ended March 31, 2022, was $33,264,000, an improvement from a net loss of $43,652,000 in the same period of 2021[27] Profitability Metrics - The gross profit margin decreased to 52% in Q1 2022 from 56% in Q1 2021[5] - Adjusted EBITDA for Q1 2022 was negative $13,447 million, compared to negative $296 million in Q1 2021[5] - Adjusted EBITDA for the period was $(13,447,000), compared to $(296,000) in the prior year, indicating a substantial increase in losses[31] - Adjusted EBITDA guidance for FY 2022 is projected to be between negative $69 million and negative $66 million[11] Expenses and Cash Flow - Total operating expenses surged to $63,194,000, compared to $31,977,000 in the prior year, reflecting a significant increase of 97.5%[27] - Free cash flow for the three months ended March 31, 2022, was $(9,998,000), compared to $3,189,000 in the same period of 2021[31] - Cash and cash equivalents decreased to $341,421,000 as of March 31, 2022, down from $418,143,000 at the end of 2021[25] Balance Sheet - Total assets increased to $610,702,000 as of March 31, 2022, compared to $600,634,000 at the end of 2021[25] - Total liabilities rose to $94,917,000, up from $71,773,000 at the end of 2021, marking an increase of 32.2%[25] Strategic Initiatives - Riskified signed a major online fashion retailer, expanding its presence in over 150 countries, enhancing upsell opportunities[6] - The company continues to focus on market share gains in new industries and geographies, alongside product suite expansion[3] - Riskified's strategy includes leveraging a diversified base of industries to benefit from reopening trends post-pandemic[6] - The company maintains its full-year financial outlook, expecting revenue between $254 million and $257 million for FY 2022[11] Market Trends - Total GMV from ticketing and travel grew 291% year-over-year, driven by increased sales volumes[6]